Standard & Poor's Revises Con-way Outlook to Stable From Negative

Standard & Poor's Affirms 'BBB-' Rating

NEW YORK (Standard & Poor's) - September 08, 2011

The following is a press release from Standard & Poor's:

• Con-way's credit measures have improved due to earnings improvement and debt reduction, resulting in funds from operations to total debt, EBITDA interest coverage, and total debt to EBITDA of 34%, 5.6x, and 3.8x, respectively, for the 12 months ended June 30, 2011.
• We are revising our outlook on Con-way to stable from negative, while< affirming our ratings, including the 'BBB-' corporate credit rating.
• Despite a sluggish economy, less-than-truckload pricing has improved from depressed levels and industry conditions have strengthened, and we expect these trends to continue for the remainder of 2011, though at a slower pace.

Standard & Poor's Ratings Services said today that it revised its outlook on freight transportation and logistics carrier Con-way Inc. At the same time, we affirmed our ratings, including the 'BBB-' corporate credit rating, on the Ann Arbor, Mich.-based company.